JPM | APAC Technology - Ibiden / Lasertec / Chroma: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - Ibiden / Lasertec / Chroma: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

04 August 2026

Otsuka Corp (UW PT Y2,800): F2Q – GM below our estimates, but overshoots for hardware & software sales – Matt

Henderson link

• Somewhat positive: F2Q OP Y29.6bn > JPMe Y27.2bn / cons Y26.4bn. Results mainly beat our OP forecast in the SI biz,

driven by upside in software sales and PC unit volumes. We had anticipated potential upside to the standalone SI GM, the

actual driver of the overshoot was stronger than expected rev growth (volume) vs margin. Mgmt. highlighted strength in

security-related sales, but profitability remains unclear, and uncertainty in this segment remains

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